Braca Pivac, the Croatia-based meat processor, has a majority stake in local confectioner Kras after buying more shares in the business.

In a stock-exchange filing on Monday (20 January), Kras said Braca Pivac, already its largest shareholder, owns 50.39% of the company, a position it moved to before Christmas.

In October last year, Braca Pivac, which at that stage owned 30.7% of Kras, had launched a bid to buy the rest of the shares in the business, a move approved by HANFA, Croatia’s financial regulator. Kras said the HRK430 (US$64.08)-a-share bid was too low.

However, in November, Braca Pivac bought a tranche of shares from Kras employee body Kras-ESOP, paying HRK861.20 per share for the 18.4% stake.

Zagreb-based Kras, set up in 1911, has factories in the Croatian capital, in Osijek, another city in the country, and in Prijedor in Bosnia and Herzegovina. The company produces a range of chocolate, sugar confectionery and biscuit products.

In 2018, Kras’ consolidated revenue stood at HRK1.01bn (US$150.2m), down 0.9% on the year. However, net profit jumped 65% to HRK50.9m.

The majority of revenues – around 53% – are generated in Croatia.